(May - June 2019 Vol. 3) [For Private Circulation Only]icaigzb.org/mastericai/newsletter/19-06-25195043_Gallery.pdfCA Sachin Mittal [email protected] 1. In Brief The accounting

(May - June 2019 Vol. 3)[For Private Circulation Only]

(May - June 2019 Vol. 3)[For Private Circulation Only]

E- NEWS LETTER

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

GHAZIABAD BRANCH

OF CENTRAL INDIA REGIONAL COUNCIL OF ICAI

GHAZIABAD BRANCH

OF CENTRAL INDIA REGIONAL COUNCIL OF ICAI

CA FLYERCA FLYER

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GHAZIABAD BRANCH OF CIRC OF ICAI

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INDEX

S.No. Particulars Page No.

Life is a journey, its not a race. Walk through it.


1. Editorial Board 4

2. From the Desk of Chairman 5

3. From the Desk of Editorial Board 6

4. Articles 7-10

5. Past Events 11-16

6. Suggestions 18

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CA SHREYA GARGCo-Editor

CA ABHAY KANSALMember

CA PANKUL GUPTAMember

CA RAHUL GOELEditorial Head

CA SHIVAM GOELCo-Editor

CA ADITYA GUPTAEditor

CA MANSI GARGJoint Editor

CA MANOJ SINGHChief Editor

Failure is the condiment that gives success its flavor

EDITORIAL BOARD


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Respected Professional Colleagues!

It’s a pleasure for me to present the Third Edition of our very own E-Newsletter CA Flyer. I am grateful to the members of editorial board for this newsletter & to everyone for making our previous editions successful.

I would like to make a special mention that our dreams have comes true and on 31st may 2019, our Ghaziabad branch has started its own Library for CA students in Navyug Market, Ghaziabad. This will help the students to study in a better environment and to enhance their skill & knowledge.

We have conducted various seminars in past3 months on variety of topics and appreciate everyone who has attended the same and request others to experience the brilliance of our faculties in pulling of the exceptional seminars and share their constructive ideas to make seminars more effective.

It is well said by “Conrad Hilton” that

“ Success seems to be connected with action. Successful people keep moving, they make mistakes but they don’t quit. ”

And we are making a constant efforts in the direction by hosting Certificate courses, Diploma Courses, conducting seminars, launching help desks etc.

At the end, I would request all the members to actively participate in all the events conducting by Ghaziabad branch of CIRC of ICAI & We always welcome your precious suggestions.

Thank you so much.

With Warm Regards,

CA Manoj SinghChairman

ICAI Ghaziabad BranchMo. No : 9310893870

E-mail : [email protected]

FROM THE DESK OF CHAIRMAN

The surest way not to fail is to determine to succeed


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Dear Reader,

It is with great pride and enthusiasm that we present to you the 3rd EDITION of e-

Newsletter “CA Flyer” of Ghaziabad Branch of CIRC of ICAI.

Never doubt that a small group of thoughtful committed citizens can change the

world; indeed, it's the only thing that ever has.

~Margaret Mead

Democracy is not just an election, it is our daily life.

We thank each one of you who have contributed to this newsletter in different ways

through articles, and your valuable suggestions to make it more effective.

Any Suggestions for improvement of the newsletter are always welcome.

Happy Reading

Regards

Editorial Board

FROM THE DESK OF EDITORIAL BOARD

Do one thing every day that scares you.


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CHARTERED ACCOUNTANTS PARTNERING TECHNOLOGY

CA Mohammad HassanDISA (ICAI) – [email protected]

Introduction

Many people say money makes the world go 'round, but the rapid advancements

of technology aren't far behind.With technological revolution on our doorstep it’s not surprising technology is causing concern for Chartered Accountants (CAs). Companies worldwide are relying on emerging technology more than ever to help drive innovation, strategy, growth and increase competitive advantage. Technology has become a crucial and indispensable part of almost every kind of business including our profession be it audit, taxation, consultancy, finance, etc.

As the business use cases of new technology grow, there are avenues for CAs to understand and contribute in their way towards the upsurging disruptions that are brought about by this technology. It throws open interesting debates for tax regimes for such technological development, regulatory frameworks, point of incidences of tax, valuation and intellectual properties and much more.

Let’s review some of the technological advancement that are driving the change in business ecosystem and understand the importance role of CAs.

Artificial Intelligence

Artificial intelligence (AI) can be very powerful and are improving quickly. They provide outputs that can be extremely accurate, replacing and, in some cases, far superseding human efforts. However, they do not replicate human intelligence or the CAs intelligence. We need to understand the strengths and limits of this different form of intel l igence, and bui ld understanding of the best ways for CAs and computers to work together.

Although artificial intelligence techniques such as machine learning are not new, and the pace of change is fast, widespread adoption in business and accounting is still in early stages. To build a positive

vision of the future, we need to develop a deep understanding of how artificial intelligence can solve accounting, taxation, auditing and business problems, the practical challenges and the skills CAs need to work alongside intelligent systems.

Use of artificial intelligence techniques may assist CAs to be more competitive and add value to their clients as they continue with their professional development education over the lifetime of their professional activities.It’s about leveraging accounting, finance, taxation or business data and predictive analytics software to find patterns in data that a CA can use to predict scenarios for clients in advance, helping them to maximize opportunities and limit risks.

Big Data

Big Data has emerged as the next big opportunity for our profession. Big Data Analytics is here to stay and CAs with the ability to analyze Big Data can play important roles in strategy and decision making. Technologists foresee a great future in this emerging knowledge domain and call upon the tech-savvy CAs to plunge into Big Data Analytics and leverage the huge opportunities available in the technology driver era of business worlds.

For instance, big data and analytics are enabling auditors, data analytics has re-engineered the audit process and CAs can now test entire data sets, such as expense claims, rather than extrapolating samples. This has increased efficiency and streamlined processes, ultimately improving the quality of audits.

Open Banking

Without a doubt, changing customer patterns, emergence of innovative competing elements like digital payment tools, and the advent of technologies like Blockchain, will ensure that banking in India will never be the same again. Talking about the emergence of open banking in India, it has made its presence through the Indian government’s Unified

You can do anything, but not everything


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Payments Interface (UPI) and with passing time, it is fundamentally changing the retail banking landscape across the globe.Without a doubt, changing customer patterns, emergence of innovative competing elements like digital payment tools, and the advent of technologies like Blockchain, will ensure that banking in India will never be the same again. Some banks like Kotak Mahindra Bank, Federal Bankrecently launched their Open Banking Platforms to create a collaborative ecosystem with enterprises, fintechs and app developers.

Open Banking is hugely significant for our profession. It opens up big opportunities for CAs to harness the power of digital technologies.In addition, to help the initiative for digital banking that ensures financial inclusion, open banking could be a tool while the expertise knowledge and experience of CAs will be very mush required in help building financial inclusion.

Recommendations

Now we all have certain questions to answer: How can we prepare for digital disruption? How do we keep up-to-date and embrace new technology? And how do we upskill ourselves and our teams to stay relevant?

1. Be adaptable: Challenge the status quo and be open to considering and testing new technologies that can significantly improve our role as an auditor, consultant, advisor, etc. Common tools to leverage include cloud based portals and business intelligence tools.

2. Harness data: Business intelligence tools create more efficiency and consistency when it comes to dashboards, processes, use of data and real-time reporting.

3. Actively immerse yourself: Keep up to date with new technologies by attending business events, proactively keep abreast online and with tech news, attend technology related webinars and talk to others in the industry. You could even go so far as getting involved with tech start-ups. Consider if you are in a position to consult and offer pro bono advice in exchange for the opportunity to get involved with new tech ventures.

4. Upskilling: Continuous upskilling is an essential requirement in response to rapid technological advances, which will continue to change the competencies required for our profession. We all need to start embracing the role of technology in boosting our traditional professional practices. Lot more of literature should be shared with members for example through institute journals. Seminars and workshops should be organised to create awareness and to provide knowledge about it. More practical oriented post qualifications courses are need of the hour.

Last but not the least we should start embracing disruption.New technologies are expected to become more important as organisations experiment with them. The Indian tech start-up landscape has evolved to become the 4thlargest in the world.Understanding of specific problems, access to markets, a well-entrenched support system, and increased investor interest are essentials in our profession and technology can help us in providing best of our services in partnering the nation building.Whatever the future holds, the consensus is that the business will always require emotional intelligence with relationships built on trust and human interaction.

You can do anything, but not everything


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CHARTERED ACCOUNTANTS TO ENGAGE IN BIG DATA ANALYTICS – BRIEF NOTE

CA Sachin [email protected]

1. In Brief

The accounting profession in this country has been

very progressive and has stayed relevant in this fast-

changing and complex world. Big Data has emerged as

the next big opportunity for this profession.Big Data

Analytics is here to stay and Chartered Accountants

with the ability to analyse Big Data can play important

roles in strategy and decision making.

Technologists foresee a great future in this emerging

knowledge domain and call upon the tech-savvy CAs

to plunge into Big Data Analytics and leverage the

huge opportunities available around the world.

2. Concept of Data Analytics:-

The concept of data analytics is well established but is

being given impetus by the exponential growth in the

volume of data that is available from myriad sources

and breakthroughs in technology that are enabling

savvy businesses to harness this data commercially.

For example, how Uber identifies demand for taxis at

The truth is more important than the facts.


any given time or location, and the generation of

surge pricing when demand outweighs supply based

on major events or incidents.

Big Data brought a new-found zest for accountants

who are trained in analytics as well as traditional

bookkeeping skills — financial reporting, taxation,

and managerial finance. Being conversant with big

data, as well as gaining analytical skills, provides

graduates with an edge in the job market for the

foreseeable future as big data becomes central to

accounting and audit.

3. Role of Chartered Accountants:-

Big data and analytics are enabling auditors to better

identify financial reporting, fraud and operational

business risks. But the technology to integrate big

data and audits is still in its infancy

Data analytics has re-engineered the audit process.

Accountants can now test entire data sets, such as

expense claims, rather than extrapolating samples.

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This has increased efficiency and streamlined

processes, ultimately improving the quality of audits.

The main challenges were to understand audit

requirements from data analytics, as there was no

one-size-fits-all solution, and how the technology

fitted into existing audit methodologies.

Beyond data, the accounting professional expectation

in 2018 is to have a mindset that is no longer just

reactive, e.g. focusing on tax and related events, but

proactive and eager to assist clients in a trusted

advisory capacity on a variety of business and financial

areas.

Chartered accountants, particularly those working in

small- to medium-sized practices, face competition on

a number of fronts: from the big global firms at one

end of the spectrum to bookkeepers at the other end.

Predictive accounting may assist them to be

competitive and add value to their clients as they

continue with their professional development

education over the lifetime of their professional

activities.

Chartered Accountants are trained to be good with

numbers and are trusted advisers because they have a

fiduciary duty. Predictive accounting simply requires a

mind shift from reactive to proactive coupled with a

willingness to embrace data and technology.

Another important distinction is the increasing use of

big data, e.g. social media data, to help make

predictions when relevant. This differs markedly from

traditional forecasting associated with time series and

estimating an aggregate future value based on past

data. The prediction has the ability to focus on the

individual customer behavior level. It also hasn’t

historically been applied to the Chartered Accountant

and their ability to provide commercial and financial

advice.

It’s about leveraging accounting data and predictive

analytics to find patterns in data that a Chartered

Accountant can use to predict scenarios for clients in

advance, helping them to maximize opportunities and

limit risks.

The intent is to benefit clients, by helping them

become more agile and competitive.

4. Conclusion:-

We are moving towards Global Digitalization. Time is

changing very fast, the days are not far when we are

fully surrounded by Digital Media. Being Chartered

Accounts we should step towards Big Data Analytics

now only so that we will ease of doing professional

work in near future. Having said that, we must have

command on Excels, powerpoint etc and start working

on Big Data Analytics now only.

The most important thing is not to stop questioning.

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CERTIFICATE COURSE ON FORENSIC AUDIT

GST WORKSHOP

Fall down seven times, get up eight


SEMINAR OF GST AUDIT FOR CA STUDENTS

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INTERACTION WITH PRINCIPAL CHIEF COMMISSIONER OF INCOME TAX

INTERACTIVE PROGRAM WITH MEMBERS IN INDUSTRY (CFO's AND CEO's)



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LIBRARY INAUGURATION

The best way out is always through.


ORIENTATION PROGRAMME

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PICS OF SEMINAR ON GST AUDIT & UDIN, INAUGURATION OF E-NEWSLETTER AND FACILITATION OF BANK AUDIT HELP DESK MEMBERS

SEMINAR ON HOW TO FACE CA EXAM

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SEMINAR ON PRIVATE TRUST

SEMINAR ON RERA

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SEMINAR ON TDS

WORKSHOP ON ADVANCE EXCEL & TALLY

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INVITATION FOR WRITE UP / ARTICLES

We are thankful to all the members who contributed articles for our E-Newsletter "CA FLYER".

Members are invited to send their articles on Professional Topics for publication in the newsletter.

Hope You have liked our initiative

Please write us at: [email protected]

Dear readers, attempts are being made to make it more informative and enjoyable, your feedback and

suggestions are valuable to us. So, if you have any feedback or suggestions, please write to us at

[email protected]

Your feedback is important to us!!!

SUGGESTIONS / FEEDBACK


Yamunotri Complex, IInd Floor, A-12, Ambedkar Road, Ghaziabad (U.P.)

Phone: 0120-4114478

E-mail: [email protected]

Website: www.icaigzb.org


DISCLAIMER

The views and opinions expressed or implied in the newsletter are those of the authors and do not

necessarily reflect those of Ghaziabad branch of CIRC of ICAI. Unsolicited articles and transparencies

are sent in at the owner's risk and the publisher / Editorial Board / Ghaziabad branch of CIRC of ICAI

accepts no liability for loss or damage.

Life is all about up and doing.

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Anuj K

Goel

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Documents

(May - June 2019 Vol. 3) [For Private Circulation Only]icaigzb.org/mastericai/newsletter/19-06-25195043_Gallery.pdfCA Sachin Mittal [email protected] 1. In Brief The accounting